Goodyear Tire & Rubber (NASDAQ:GT) Issues Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Goodyear Tire & Rubber (NASDAQ:GT) issued its quarterly earnings results on Monday. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.04, Zacks reports. Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.17%.

Goodyear Tire & Rubber Stock Performance

Shares of Goodyear Tire & Rubber stock remained flat at $6.89 on Monday. The company’s stock had a trading volume of 12,207,901 shares, compared to its average volume of 6,897,572. Goodyear Tire & Rubber has a 52-week low of $6.51 and a 52-week high of $12.03. The business has a 50 day moving average price of $7.78 and a 200-day moving average price of $9.58. The company has a quick ratio of 0.63, a current ratio of 1.15 and a debt-to-equity ratio of 1.24. The firm has a market cap of $1.97 billion, a P/E ratio of 4.85, a P/E/G ratio of 2.35 and a beta of 1.28.

Analyst Ratings Changes

Several research analysts recently issued reports on GT shares. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Goodyear Tire & Rubber from $15.00 to $12.00 and set a “buy” rating on the stock in a research report on Monday, August 11th. BNP Paribas downgraded shares of Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 8th. JPMorgan Chase & Co. cut their target price on shares of Goodyear Tire & Rubber from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Monday, October 20th. Weiss Ratings restated a “sell (d)” rating on shares of Goodyear Tire & Rubber in a research report on Wednesday, October 8th. Finally, HSBC restated a “hold” rating and set a $9.50 target price (down from $15.50) on shares of Goodyear Tire & Rubber in a research report on Wednesday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $11.50.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Large investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Goodyear Tire & Rubber by 23.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,060 shares of the company’s stock worth $156,000 after purchasing an additional 2,855 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Goodyear Tire & Rubber by 6.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 17,021 shares of the company’s stock worth $177,000 after purchasing an additional 1,011 shares in the last quarter. United Services Automobile Association bought a new position in shares of Goodyear Tire & Rubber in the 1st quarter worth $163,000. Sender Co & Partners Inc. bought a new position in shares of Goodyear Tire & Rubber in the 2nd quarter worth $202,000. Finally, Gallagher Fiduciary Advisors LLC lifted its holdings in shares of Goodyear Tire & Rubber by 22.3% in the 2nd quarter. Gallagher Fiduciary Advisors LLC now owns 28,441 shares of the company’s stock worth $295,000 after purchasing an additional 5,188 shares in the last quarter. 84.19% of the stock is currently owned by institutional investors.

About Goodyear Tire & Rubber

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.